Vietnam Social Insurance Law 2024 reduces minimum pension contribution years

Under the Social Insurance Law 2024, which takes effect on July 1, 2025, the minimum period of social insurance contributions required to receive a pension in Vietnam will be reduced from 20 years to 15 years. This change is intended to expand access to retirement benefits for workers.

For those who have reached retirement age but lack sufficient contribution time, specific provisions allow for lump-sum payments to complete the requirements. For compulsory social insurance participants, if the missing period is no more than 6 months, they may pay the remaining amount in one installment. For voluntary social insurance participants, if the missing period is no more than 5 years (60 months), they are permitted to make a single lump-sum payment to qualify for a pension.

Voluntary social insurance participants can access five core benefits: maternity allowances, monthly pensions, free health insurance cards for retirees, lump-sum social insurance payments under specific conditions (such as moving abroad or facing critical illness), and survivor benefits including funeral allowances.